e BRC portal migration requires authorised dealer banks to urgently migrate to the new platform to maintain export realisation services.
Migration of the electronic Bank Realisation Certificate system requires authorised dealer banks to transition to the new e BRC portal because the existing NIC hosted module will be discontinued at end of July 2022, and help resources and a DGFT helpdesk email have been provided for bank assistance.

Cyber incident reporting requirement mandates rapid notification to regulators and CERT In and quarterly disclosures to aid market resilience.
Modification requires Stock Brokers and Depository Participants to report all cyber attacks, threats, incidents and breaches to Stock Exchanges/Depositories and SEBI within 6 hours of detection or notice, and to the national computer emergency response authority and, where systems are designated protected, to the national critical infrastructure protection centre; quarterly reports on incidents and mitigations must be submitted to Stock Exchanges/Depositories within 15 days of quarter end and shared with SEBI via a dedicated e mail.

Demat Debit and Pledge Instruction extension delays implementation; exchanges must notify members and update websites under regulatory powers.
SEBI extends the implementation timeline for the Demat Debit and Pledge Instruction (DDPI) regime for transfers of securities for deliveries/settlement obligations and pledging/re pledging, postponing the prior commencement date to allow depositories additional time to complete system changes. Stock Exchanges and Depositories must notify members/participants and publish the extension on their websites; the directive is issued under SEBI's statutory powers to protect investors and regulate the securities markets.

Disclosure of public shareholding requires named large shareholders and concert parties; revised shareholding and foreign ownership formats mandated.
Amendments require listed entities to name shareholders holding significant public stakes and disclose persons acting in concert where available; revised formats for public and non promoter non public shareholding disclosures (Table III and Table IV) are prescribed, and a new Table VI format captures foreign ownership limits. Stock exchanges and depositories must implement systems, notify listed entities and disseminate the formats; changes take effect from the quarter ending September 30, 2022.

E commerce jewellery export framework streamlines courier exports and sets electronic declaration, documentation and re import conditions.
A simplified framework requires electronic filing of Courier Shipping Bill (CSB V) on ECCS with seller as exporter and consignee as buyer, amended CSB V fields for e commerce identifiers and jewellery specifications, and mandatory upload of supporting documents (invoice, packing list, product and packaging photos, product listing image, payment confirmation). Customs assessment is risk based with X ray scanning, CCTV monitored examination, sealed openings and ECCS recording; LEO issued after regulatory checks. Re imports of returned jewellery are enabled subject to strict matching, documentation, temporal and value limits, 100% examination and neutralisation of any tax benefits.

Late filing of Bills of Entry receives conditional late-fee waiver where ICES disruption prevented timely electronic filing.
Late fee for delayed filing of Bills of Entry is waived for 25 and 26 June 2022 where timely filing was prevented by ICES disruption during a disaster-recovery drill and maintenance period. The waiver applies to late fee otherwise chargeable under the Bill of Entry (Forms) Amendment Regulations, 2017, subject to submission of a negative acknowledgement or other proof that a Bill of Entry number could not be generated.

GST Council approves key reforms on refunds, registration for e-commerce sellers, returns, rate rationalisation and system upgrades.
The GST Council approved Law Committee clarifications and rule changes on inverted duty refunds (admissible where input and output goods are same and rate differential arises from concessional notifications) and directed amendment of Rule 89(5) to proportionately account for ITC utilisation on inputs and input services. It sanctioned procedural rules for cross-jurisdiction enforcement actions, approved a Circular on fake invoice consequences, authorised re-credit via FORM GST PMT-03A, endorsed Centre notification of Finance Act provisions with new rule insertions, and accepted measures on e commerce registration waivers (PAN based intra state supplies without registration), GSTR 3B reforms, Rule 96 IGST refund handling, suspension thresholds with automatic revocation, system reforms, consent based data sharing, and multiple Fitment and GoM rate rationalisation recommendations.

Form eleven filing relief permits LLPs to file annual return without additional fees within an extended timeline.
Limited Liability Partnerships may file their Annual Return (Form 11) for FY 2021-2022 without payment of additional fees if filed by the extended deadline of 15 July 2022; this extension continues earlier relief and is issued with competent authority approval.

Derivative contract adjustment threshold revised; adjustments now triggered only for sufficiently material dividend declarations.
Adjustment in single stock futures and options will be carried out only where dividend declarations meet or exceed a specified market value threshold; earlier circulars are modified to that extent while other provisions remain applicable. Exchanges and clearing corporations must implement systems, amend rules and bye laws as needed, disseminate the circular to members and confirm implementation to the regulator; the revision applies to announcements on or after the circular's effective date.

Waiver of late fee granted for Bills of Entry for vessel entry inward on 26 June upon proof of non-generation.
A waiver of the late fee under the Bill of Entry (Forms) Amendment Regulations, 2017 is granted for Bills of Entry filed belatedly that pertain to Vessel Entry Inward on 26 June 2022, conditional on production of a negative acknowledgement or proof of non-generation of a Bill of Entry number due to ICES unavailability; the Public Notice is issued as a standing order and remaining difficulties are to be reported to the Additional Commissioner of Customs (Appg.Main).

Rectifiable labeling permitted at port for specified nutritional and expiry information; clove stem imports require safety and volatile oil testing.
Rectifiable labeling for imported food may include specified nutritional contribution and expiry information if provided by the manufacturer and verified by the Authorized Officer; corrections must be made at customs bound warehouses before inspection by affixing a single non detachable sticker adjacent to the principal display panel without altering the original label. Clove stem imports are to be tested against horizontal safety parameters and a prescribed volatile oil content on a dry basis equivalent to half the value for whole clove; authorized officers must ensure compliance and report implementation difficulties.

TDS on virtual digital asset transfers: payer must deduct, deposit, and report tax before releasing consideration.
Payers must deduct tax at source when paying consideration for transfer of virtual digital assets at the time of credit or payment; buyers in peer-to-peer trades are responsible for TDS, must deposit the tax, and file prescribed TDS statements. Specified person status determines higher exemption thresholds. For in-kind or VDA-for-VDA consideration, tax must be paid before release of consideration and proof produced; both parties in exchanges report TDS and challan details. Once TDS under the VDA mechanism is made, the separate purchase-related TDS provision need not apply.

Faceless assessment measures to reduce multiple queries and expedite customs clearance; trade must upload mandatory documents.
Officers are instructed to avoid multiple queries and a monitoring mechanism at ADC/JC and Commissioner levels will track queries by the Faceless Assessment Group; Bills of Entry subject to first check or returning after repeated queries will be monitored and may be pushed to PAG after a second query if importers fail to supply required documents. Customs Brokers and importers must upload mandatory documents in e-Sanchit (licences, export/freight papers, COO/brand/make/model certificates, product literature, UQC and CCR/OGD-required documents) and file Bills of Entry in advance, while designated TSK and ADC/JC contacts are provided for grievance redressal.

Chip Import Monitoring System registration requires shipment wise registration; multiple products allowed, certain microprocessors and memory modules excluded.
CHIMS registration is compulsory for designated semiconductor items; registration can be made on arrival and covers air and sea shipments. Multiple products may be included under one registration number, but each shipment must have a separate CHIMS registration. Microprocessors under ITC (HS) 84733010 and memory modules under ITC (HS) 84733099 are excluded from CHIMS applicability.

KYC validation requirement: KRAs must begin validating Aadhaar-based and all KYC records from an August commencement, with revised timelines.
SEBI requires KRAs to validate KYC records where Aadhaar was used as an OVD within a limited period from the August 2022 commencement date and directs that validation of all KYC records, both new and existing, commence from that start date; the circular revises timelines in response to KRA requests and is issued under SEBI's powers to protect investors and regulate the securities market.

Listing timeline reduction for privately placed InvIT units to six working days for listing and trading commencement.
Listing of units issued on private placement by Infrastructure Investment Trusts must be completed within six working days from issue closure, with a staged schedule: sponsor transfer of HoldCo/SPV interests by T+3, demat credit and applicable lock-in confirmation by T+4, listing application by T+5, and stock exchange notice and ISIN activation leading to trading commencement by T+6; stock exchanges and depositories must coordinate and depositories shall activate ISINs only after exchanges grant listing approval.

UPI blocking mechanism enables retail investors to apply in REIT public issues with validated mandates and prescribed timelines.
An additional Unified Payments Interface (UPI) mechanism allows retail investors to apply in REIT public issues by blocking funds via a bank-account-linked UPI ID: stock exchanges validate PAN and Demat details with depositories in near real time, sponsor banks initiate UPI mandate requests which investors authorize in their UPI apps to block funds, and sponsor banks relay block-status to stock exchanges and the Registrar for reconciliation; registrars undertake allotment, trigger debits and unblocking post-allotment, and issuers, intermediaries and collecting banks have specified operational, disclosure and coordination obligations to meet prescribed timelines for listing and trading.

Unified Payments Interface enables UPI based blocking of application funds for InvIT public issues, with mandate and reconciliation processes.
Introduction of a UPI mechanism for public issues of InvIT units allows investors to block funds via a bank linked UPI ID as an alternative to ASBA for eligible applications. Stock Exchanges and Depositories must validate PAN and Demat details in near real time; validated bids and UPI IDs are sent to a Sponsor Bank which raises one time UPI mandates to block funds. Sponsor Banks, Exchanges and Registrars exchange mandate and block status files for reconciliation, allotment processing, debit/collect requests on allotment, and automatic unblocking or refund where applicable.

Large value fund for accredited investors: placement memorandum filing relief and mandatory compliance officer designation enforced.
The circular permits Large Value Fund for Accredited Investors to launch schemes under intimation rather than merchant-banker-filed placement memoranda, subject to a prescribed CEO-and-Compliance-Officer signed undertaking. Fund documents must set terms for any tenure extension beyond the normal limit and obtain prior approval from the fund's governance body for extensions; failure to meet prescribed extension conditions requires liquidation. Managers must designate a Compliance Officer distinct from the CEO to monitor adherence to the SEBI Act, AIF Regulations and related circulars, and the undertaking must confirm due diligence, fitness and properness, adequacy of disclosures, and investor accreditation acknowledgements.

Pre-shipment inspection agency recognition expanded; new agencies and equipment approved, requiring membership updates and prior travel intimation.
One agency is notified for issuance of Pre-Shipment Inspection Certificates with approved equipment and a standard validity; additional areas of operation are added for two existing PSIAs and additional instruments are authorised for three PSIAs. Notified PSIAs must update membership certificates and contact details. PSIAs may inspect in countries within their area of operation without a full-time branch by deputing inspectors, subject to prior intimation to DGFT and furnishing visit details. Approved instruments and calibration details are annexed.